We have released our fiscal year 2023 financial results and filed our Form 10-K for the year ended December 31, 2023 with the SEC. Below are some highlights from our filing.

Key Multifamily Metrics




Net Interest Income ($ millions)



Net Income ($ millions)



New Business Volume ($ billions)



Guaranty Book of Business ($ billions)

(as of quarter end)



Serious Delinquency Rate

(as of quarter end)



Other Multifamily Highlights

  • Multifamily financed approximately 482,000 units of multifamily rental housing in 2023, a significant majority of which were affordable to households earning at or below 120% of area median income, providing support for both workforce and affordable housing.
  • Multifamily revenue of $4.6 billion for full year 2023 was driven by $4.5 billion in net interest income. Over 75% of our multifamily net interest income in 2023 was derived from guaranty fee income, which continued to provide a stable driver of earnings for the business.
  • Multifamily’s net income was $2.6 billion in 2023, compared to $2.2 billion in 2022, largely driven by a $753 million decrease in the multifamily provision for credit losses. In 2022, we recorded a $1.2 billion multifamily provision for credit losses mostly driven by our seniors housing loans. In 2023, we recorded a $495 million multifamily provision for credit losses primarily driven by changes in loan activity and declining property values on our overall multifamily guaranty book. Our seniors housing loans were not a driver of our multifamily provision for credit losses in 2023; however, our allowance for seniors housing loans remained elevated as of December 31, 2023.
  • The overall credit profile of our multifamily book remained strong, with a weighted-average original loan-to-value ratio of 63 percent and a weighted-average debt service coverage ratio of 2.0 times.
  • The multifamily serious delinquency rate increased to 0.46% as of December 31, 2023, compared with 0.24% as of December 31, 2022, primarily driven by stress in our seniors housing loans. This is down from the recent peak of 0.54% as of September 30, 2023 because of loss mitigation activities and foreclosures.
  • In 2023, we entered into two new multifamily credit risk transfer transactions, transferring mortgage credit risk through our Multifamily CIRT™ (MCIRT™) and Multifamily Connecticut Avenue Securities™ (MCAS™) programs. As of December 31, 2023, a portion of the credit risk on approximately 29% of our multifamily guaranty book was covered by a back-end credit risk transfer transaction.

Company Highlights

  • Fannie Mae reported net income of $17.4 billion for the full year of 2023. 
  • Net income increased $4.5 billion in 2023 compared with 2022, primarily driven by a $7.9 billion shift to a benefit for credit losses in 2023 from provision for credit losses in 2022. The benefit for credit losses in 2023 reflects a $2.2 billion single-family benefit for credit losses, partially offset by a $495 million multifamily provision for credit losses.
  • Fannie Mae’s net worth increased to $77.7 billion as of December 31, 2023 from $60.3 billion as of December 31, 2022.
  • Fannie Mae provided $369 billion in liquidity to the mortgage market in 2023, helping borrowers and renters across the country to own or rent a home through the financing of approximately 1.5 million home purchases, refinancings, and rental units.